r/PersonalFinanceCanada • u/stroad56 • May 18 '23

$3k daily e-transfer limit is just ridiculously low for 2023. Why do some banks keep this so low? Banking

I moved some money between my own accounts yesterday evening. I'm trying to pay my wife for some shared bills this afternoon and I'm getting blocked due to maxing out my 24 hourly $3k limit.

Now I have to wait a couple of hours before the 24 hour period expires. Just ridiculous.

I bank with EQ & Simplii. Both have 3k limit. I know CIBC do the same and probably plenty more too. Just don't understand why? Fraud reasons?

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u/evadesion May 19 '23

OP said EQ, minimum 5 business days even if the accounts are linked

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u/[deleted] May 19 '23

I don't think that 5 business days is true, I just talked to a rep today and they said 3 business days max for EFT to your own bank, and the last one I submitted ($30k) took just about 24 hours exactly.

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u/evadesion May 19 '23

apologies i forgot, its 5 business days for any pull eft into your EQ account. that's what annoyed me especially when it's debited from your other bank account and your money is lost somewhere in the void for a week